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Video instructions and help with filling out and completing form 8889 2020-2021
Already let's check out the health saving accounts test questions so there'll be four scenarios and they do not require you to prepare a tax return so we're gonna read the interview notes for each scenario and use our training and resource materials to answer the questions first scenario leo Williams sounds like a great guy miss Leo Williams says here that he's single and 45 years old he works as an IT manager and his w-2 shows he makes about 47 grand a year he participated in his employer's self-only coverage high deductible health plan all year and Leo does not have any other health coverage now Leo has had an HSA for two years and his employer contributed fifteen hundred and twenty seventeen to his HSA and Leo's aunt contributed 2021 his HSA go and she seems like a great in let me tell you Leo is also US citizen and has a valid social security number excellent excellent excellent excellent so the first question says is Leo eligible an eligible individual for HSA purposes even though he did not make his own contributions well let's check it out our go-to for these HSA questions at least for my scenario are gonna be here in the tab e so let's jump right to it we'll probably want to look under the e35 sections so let's check it out these contributions made in 2021 are we put here on the tax later software and these include anything basically but they do not include our employer contributions so the question stands does our auntie's contribution count as our own contribution well let's check out this box it says employee contributions are entered here contributions by relatives and friends are considered to be made by taxpayer so according to our little box here it looks like Leo is indeed an eligible individual for HSA purposes even though he himself did not make his own contribution so shout out to aunty here she's the real MVP of this situation so let's jump on to number two what amount will Leo use to compute his HSN on Form on Form 1040 line 25 now I apologize but the only way I found to do this would be filling out the actual form for the health saving accounts so that's what we're gonna do and we're gonna jump on it real fast it's gonna be fun because that's our goal taxes fun stuff let me tell you so names shown the star boy Leo Leo Williams Social Security number yeah I'll just put mine in 1 2 2 3 4 5 something something something so don't try still why I didn't do but there it is now this is self only plan as said in the instructions I do believe self only yeah self-only coverage month and now let's start just tossing down numbers HSA contributions you made for 2021 or those made in your behalf including those made so this is not.